Why Business Intelligence is a Vital Component of Healthcare System
- August 6, 2021
- Posted by: Sarah James
- Category: Business Intelligence
Healthcare Business Intelligence or BI is a widely used term in growing Healthcare organizations. An obvious key to success, BI is an integral element of any organization’s sustainability, growth, and progress. It is just as important in the Healthcare industry as an EHR or Practice Management. However, to utilize Business Intelligence to the fullest, we need to understand what it refers to and why medical practices should focus more on it than anything else.
Why Does Healthcare Business Intelligence Matter?
BI has become a standard buzzword around the Healthcare industry for some time now. The concept is gradually picking up steam. In the simplest of terms, BI refers to the digital technology used for analytical purposes. BI provides detailed analysis and reports after going through the organization’s data to provide innovative solutions that can help grow business operations of the modern era.
From electronic health records (EHR) to financial and administrative data, Healthcare organizations have a lot of data to go through. Business Intelligence gathers data and insight for patient care to help healthcare providers make direct, data-driven decisions, predict patient’s progress and outcome as well as evaluate their practice’s financial performance.
Due to their complexity and nature, the data found in a healthcare organization is often separated into various categories within the provider’s practice management system. Thus, it is not so simple and easy to interpret or let alone even just access cohesively. However, a Business Intelligence platform is a game-changer in the Healthcare industry as care providers get a more centralized, easy-to-read view of their data, so they can track Key Performance Indicators or KPIs of their organization’s operations.
Healthcare Business Intelligence is Not Optional – It’s Essential!
For healthcare practices to not just sustain but achieve growth, the implementation of a powerful Business Intelligence analytics and reporting tool is crucial. Here are four major areas where the BI tool comes in handy.
- Patient Results
- Financial Solutions
- Practice Performance
- Growth Gaps
Just with these four areas, Business Intelligence can help your medical practice stay ahead of the competition.
In recent years, patient results are becoming easier to predict and evaluate. This convenience is largely due to healthcare systems adapting a more tech-savvy approach by utilizing Business Intelligence. Nowadays, patient care is monitored more precisely. BI provides practices with detailed information that they can use for better care of the patients while remaining compliant with the HIPAA rules and regulations.
Prioritize the Safety of Patients
The first oath in the medical field is ‘do not harm’. Patient safety is the top priority. And BI is at the forefront of patient safety. The useful software is designed to integrate the complete medical data and history of a patient, as well as current diagnosis, treatment, prescription, and vaccination. Practices are made aware of any drug duplication, allergy, or reaction to a certain treatment or medicine.
Empower Your Staff
Business Intelligence platform helps practices decipher crucial data surrounding patient’s ongoing treatment and diagnosis. With visual charts and graphs, BI can help practitioners better illustrate and predict patient results with their team. This type of collaboration between practice and staff promotes efficiency, productivity, and quality of care.
Another issue practices face is overworking their staff. Doing the same repetitive tasks such as scheduling, patient reminders, follow-ups, and patient intake forms can get tedious. This is why most of the top medical practices are automating such tasks with Business Intelligence, freeing up their staff and resources to focus more on patient care.
Patients are more conscious and selective about their healthcare options in recent times. What patients look for is a healthcare provider. Who not only understands their complete medical history but offers a more personalized experience.
To meet the demands of patients these days, medical groups are using the BI platform to deliver better care. The use of patient portals and mobile apps are more important than ever in the medical industry. They allow safe, secure access to the patient to view their personal information and reports.
This use of digital technology in medicine allows patients to feel like they have a proactive role to play during their treatment. If a patient has any query regarding a certain aspect of care, then they can use patient portals to get in touch with their doctor or the practice’s staff in a secure communication system.
One of the best features of BI is that it is designed to provide money-saving alternatives. And opportunities for organizations to help reduce operational costs and set up a more efficient revenue cycle that is streamlined. Business Intelligence offers in-depth analytics to help practices identify and track their organization’s KPIs. It presents all the data in a detailed, easy-to-read report.
Identify Weakness in RCM
One of the main reasons why many medical practices fall behind is due to a weak RCM process. Things like denied claims, negligent eligibility verification, and coding errors are just some of the factors that can negatively affect your organization’s cash flow.
Due to this, practices and health systems evaluate the revenue cycle to determine their financial performance. Business Intelligence offers valuable analytics due to its capabilities of providing relevant data on all parts of a business’s operation. Claims billing, accounts receivable (A/R), claims processing, payment posting, and encounter reconciliation to name a few.
Identifying the right KPIs of your organization can help you analyze the main underlying root cause for your inconsistent financial performance. This helps to make a smart data-driven decision that is cost-effective and will generate a better revenue cycle.
There is a litany of ways to enhance healthcare management as well as practice performance with Business Intelligence. The BI tool is used to interpret several key data points. With custom dashboards and real-time updates, you can track the performance gaps, areas for growth, and opportunities for maximum reimbursements.
Healthcare Business Intelligence Can Improve Clinical Performance
Enhance several processes and systems within your organization as BI can easily identify and use data drivers to improve efficiency. Here’s what BI can improve for your organization’s clinical performance.
- Streamline Patient Experience
- Improve Staffing & Staff Efficiency
- Deliver Patient Care Plans Accordingly to Diagnosed Symptoms
- Improve Clinical Workflows
Make Data Work
Healthcare Business Intelligence provides a complete view of data categories in your practice. BI’s analytics and visualization tools eliminate the need for your administrative staff to take on the tedious task of data reporting, instead BI enables data to work for you.
The BI tools provide a customizable dashboard that you can tailor to your organization’s requirements, highlighting key data points with visual charts and snapshots. This allows decision-makers to get in-depth actionable insight for operational improvements.
A practice’s profitability and growth go hand-in-hand to determine its long-term success. To meet organizational goals, healthcare providers must possess up-to-date data. Which is only possible with the help of a Business Intelligence tool. It provide practitioners with overall performance insight and analysis – Identifying key growth opportunities.
Utilizing BI is the best way to improve practice performance. This is why Healthcare organizations all around the country are leveraging this technology for their growth. Every practice management software has elements of Business Intelligence. It is best to go for a specialized platform that is designed to suit your practice’s specific requirements.
Implementing Healthcare Business Intelligence to enhance practice performance is how innovative medical groups are leveraging technology to further their growth. While many practices have BI elements in their existing practice management software. There’s a significant difference in dedicated, specialized BI that you can custom-fit to your specific practice needs.
Learn more about MediFusion’s state-of-the-art Business Intelligence platform. And how it can enhance your practice’s operations and cash flow.